IMH - Impac Mortgage stock rises 3% after Q3 returns to profit on non-QM activity
Impac Mortgage Holdings (NYSE:IMH) stock gains 2.9% in after-hours trading after the company returned to profit on the strength of its non-qualified mortgage (NonQM) activities Q3 total revenue of $19.8M increased 80% from Q2 and 1.8% from Q3 2020. Q3 core EPS of $0.04 improved from -$0.32 in Q2, but declined from $0.21 in Q3 2020. "The company’s return to profitability was largely attributable to the performance of our NonQM activities," said Chairman and CEO George A. Mangiaracina. "Originations within this segment of our business, across our direct to consumer and business-to-business channels, increased by more than 85% from the second quarter to the third quarter of 2021, and our locked pipeline approached $200M at the end of October vs. only $10M at the end of 2020." During the quarter, total originations of $682.6M rose from $611.5M in Q2 and $418.5M in Q3 2020. The Q/Q improvement reflected Impac's (IMH) shift
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Impac Mortgage stock rises 3% after Q3 returns to profit on non-QM activity